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Meta likely to begin mass layoffs today, CEO Zuckerberg says 'over-optimism led to overstaffing'

Following Elon Musk’s Twitter is Mark Zuckerberg’s Meta which is set to layoffs some of its employees. It is also said that during the meeting Zuckerberg took the entire blame and said that he is accountable for the company’s missteps.

Meta likely to begin mass layoffs today CEO Zuckerberg says over optimism led to overstaffing gcw
First Published Nov 9, 2022, 12:40 PM IST

Twitter recently let go thousands of employees—nearly 50% of its workforce—and blamed the move on declining revenue. Elon Musk's Twitter is being followed by Mark Zuckerberg's Meta, which plans to lay off part of its staff. Meta Platforms Inc will start firing employees on Wednesday. According to the Wall Street Journal, Chief Executive Mark Zuckerberg informed hundreds of executives that he was to blame for the company's decline.

According to those familiar with the situation, Zuckerberg sounded dejected at the meeting on Tuesday and accepted responsibility for the company's errors, saying that his "over-optimism" about growth caused overstaffing. According to prior reports, Facebook's parent company Meta was considering "large-scale layoffs," which might be the biggest cut at a significant technological business to date in a year that has witnessed a contraction in the sector.

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Reports suggest that Meta, which employs more than 87,000 people, may have to let "many thousands of staff go." According to Lori Goler, the company's head of human resources, employees who lose their positions would get at least four months' worth of income as severance. The upcoming mass layoff will be the company's first significant headcount cut in its 18-year existence. Meanwhile, senior managers have reportedly told employees to cancel nonessential travel beginning this week.

During a meeting with staff in August, after the business announced revenue declines for two consecutive quarters, Zuckerberg referred to a "bunch of individuals at the firm who shouldn't be here."

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Alphabet and Amazon are among the tech businesses that have slowed or stopped recruiting as a result of the global economic slowdown, increasing interest rates, and regulatory issues.
With economic concerns looming, the IT sector throughout the world, particularly startups, has been experiencing a financing winter, leading many to fire personnel in order to reduce expenses.

Also Read | Facebook parent Meta to begin large-scale layoffs this week: Report

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